They say you should buy low and sell high, but Franklin Street Properties seems to have missed that memo. The REIT just sold Pershing Park Plaza in Midtown Atlanta for a painful 25% haircut from their 2016 purchase price. This building had negative NOI in 2022, with operating expenses ($2.3M) outpacing rental revenue ($2M). "Franklin Street Properties Corp. sold Pershing Park Plaza for $34M this month, the company announced in its third-quarter earnings report Wednesday. The sale price is 25% less than the $45.5M Franklin Street paid for the 160K SF office building in 2016, according to Fulton County property records." "As of the third quarter, Pershing Park Plaza was 79.8% occupied with average rents of $39.55 per SF, according to Franklin Street's Q3 earnings report. In its 2023 annual report, filed in February, Franklin Street said the building brought in nearly $2M in rental revenue but had $2.3M of operating expenses in 2022." https://lnkd.in/efJpvxMm